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Thai Wacoal PCLBKK:WACOAL +0.63%60 Beneish M-Score is -2.79 as of Jul. 20, 2026. GuruFocus rates BKK:WACOAL with a GF Score™ of 60/100 and a GF Value™ of ฿22.75 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 1,000 Manufacturing - Apparel & Accessories companies, Thai Wacoal PCL ranks better than 70% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thai Wacoal PCL's Beneish M-Score or its related term are showing as below:
BKK:WACOAL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.61 Max: -1.77
Current: -2.79
During the past 13 years, the highest Beneish M-Score of Thai Wacoal PCL was -1.77. The lowest was -3.21. And the median was -2.61.
Thai Wacoal PCL Beneish M-Score Related Terms
Thai Wacoal PCL Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Thai Wacoal PCL's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BKK:WACOAL vs RL, LEVI, VFC: Beneish M-Score Comparison
For the Apparel Manufacturing subindustry, Thai Wacoal PCL's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Thai Wacoal PCL Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Thai Wacoal PCL's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thai Wacoal PCL's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Thai Wacoal PCL for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.955
+
0.528 * 1.0761
+
0.404 * 1.0367
+
0.892 * 0.85
+
0.115 * 0.6894
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0423
+
4.679 * -0.031953
-
0.327 * 0.9979
=
-2.79
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(85.161 / (85.161 + 1161.533))
/
(72.075 / (72.075 + 655.346))
=
0.068309
/
0.099083
=
0.6894
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-82.383 - 304.801
-
-197.669)
/
5930.98
=
-0.031953
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Thai Wacoal PCL has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.
Thai Wacoal PCL (BKK:WACOAL) has a Beneish M-Score of -2.79 as of Jul. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Wacoal PCL and its competitors. According to the industry distribution chart, Thai Wacoal PCL ranks #300 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 30%.
Is Thai Wacoal PCL's Beneish M-Score too high?
Thai Wacoal PCL's current Beneish M-Score is -2.79. Based on the distribution chart, Thai Wacoal PCL ranks #300 out of 1000 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, Thai Wacoal PCL has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Thai Wacoal PCL's Beneish M-Score compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Thai Wacoal PCL ranks #300 out of 1000 companies for Beneish M-Score. This puts Thai Wacoal PCL in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Thai Wacoal PCL and its competitors. Thai Wacoal PCL's current Beneish M-Score is -2.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Wacoal PCL stock overvalued right now?
Based on GuruFocus' analysis, Thai Wacoal PCL (BKK:WACOAL) is currently considered Possible Value Trap. The stock's GF Value™ is ฿22.75, compared to a current price of ฿15.90 — trading 30.1% below its estimated fair value. The current Beneish M-Score is -2.79. Thai Wacoal PCL's overall GF Score™ is 60/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Thai Wacoal PCL (BKK:WACOAL), the current Beneish M-Score is -2.79 as of Jul. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Thai Wacoal PCL (BKK:WACOAL) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Wacoal PCL stock appears to be undervalued.
The current stock price of ฿15.90 is trading 30.1% below its estimated GF Value™ of ฿22.75.
GuruFocus considers Thai Wacoal PCL to be Possible Value Trap.
Key valuation signals for BKK:WACOAL:
Beneish M-Score: -2.79
GF Value™: ฿22.75 vs. price of ฿15.90 (30.1% below fair value)
No single metric tells the full story. See the BKK:WACOAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Wacoal PCL is a Thailand-based garment manufacturing company. It manufactures and sells finished garment products, consisting of Ladies' lingerie, childrenswear and ladies outerwear. The key revenue driver product of the company is Ladies' lingerie, which is sold under the brand name of Wacoal. The company's operating segment is based on domestic sales and export sales of which a majority of the revenue is generated from domestic sales.
60GF Score
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